Sinopec Makes US$7 Billion Move on Addax

摘要

China's Sinopec made an C$8.27 billion (US$7.17 billion) bid for Addax Petroleum on Wednesday, ending weeks of speculation about which Asian oil giant might move to snap up the Canadian independent. The Chinese state firm is offering C$52.80 per share, a whopping 47% premium to the Addax share price in Toronto on Jun. 5, the day before rumors of a takeover first emerged (IOD Jun.9,p3). Most analysts had suggested the company, which is also listed in London, would be worth around C$50/share.